A. SUKARACE BERHAD is a merchandiser begins operation since two years ago in Kuala Terengganu. The company purchased high quality superbikes made from titanium because it is stronger and lighter than other metals. Therefore, it increases the quality of the superbikes. The company groups the inventory based on the model of superbikes. As an accountant of the company, you are responsible to calculate the year end merchandise inventory value for the company. The following data was given as at 31 December 2015. Model Suzuki GSX-R10 Suzuki GSX-R100 Suzuki GSX-R1000 Honda CBR10 Honda CBR100 Honda CBR1000 Ducati Panigale 10 Ducati Panigale 100 Ducati Panigale 1000 Item number 101 102 103 201 202 203 301 302 303 Units on Hand 10 8 5 4 3 4 2 3 2 Cost per Unit (RM) 30,000 25,000 50,000 70,000 90,000 110,000 100,000 120,000 160,000 Net Realizable per Unit (RM) 25,000 22,000 55,000 78,000 80,000 100,000 110,000 130,000 180,000 Required: Determine the total value of the inventory should be disclosed in the statement of financial position as at 31 December 2015 using; i- Item by item basis ii- Group basis (18 Marks)